March 2023 ended up being successful for the Indian automotive sector. With the conclusion of the recent Financial Year 2022–23, the Federation of Automobile Dealers Associations (FADA) has published the total sales data for the two-wheeler brands in the Indian market. Automakers saw positive year-over-year (YoY) growth in both the passenger car and two-wheeler markets. While Hero MotoCorp continues to dominate the two-wheeler market, TVS and Suzuki have reported significant increases in sales. Here is a list of the two-wheeler brands that sold the most number of units in India in March 2023.
In March 2023, Hero MotoCorp sold 5,02,730 units domestically, representing a 20.9 per cent year-over-year (YoY) growth. Sales for the same time period last year were 4,15,764 units. In February 2023, it sold 3,82,317 units, which is a 31.5 per cent month-over-month (MoM) increase in sales.
TVS Motor Company
With a staggering 22.4 per cent year-over-year (YoY) growth, TVS Motor Company was able to sell 2,40,780 units in March 2023. It sold 1,96,596 units in the domestic market during the same time period last year. In February 2023, it sold 2,21,402 units, registering an 8.7 per cent month-over-month (MoM) increase. The iQube electric scooter from TVS is selling well and just recently reached the 1 lakh sales mark in India.
Honda Motorcycle & Scooter India
Honda Motorcycle & Scooter India (HMSI) sold 1,97,512 units in March 2023, which is a huge 36 per cent year-over-year (YoY) decrease in sales. Its domestic sales during the same time period last year totalled 3,09,549 units. When compared month-over-month (MoM), it sold 2,27,064 units in February 2023, a 13 per cent decrease from the previous month. The auto manufacturer, however, looking forward to a significant increase in its market share with the launch of new models like the Shine 100 and the Activa H-Smart in the Indian market.
In March 2023, Bajaj Auto sold 1,52,287 units, registering a remarkable 42 per cent year-over-year (YoY) increase in sales. Its domestic sales were 1,07,081 units during the same time period last year. Bajaj's exports, however, declined. It sold 2,06,000 units in October 2022, which is a staggering 40 per cent decrease in sales on a month-over-month (MoM) basis.
Suzuki Motorcycle India
As of March 2023, Suzuki has surpassed Royal Enfield to become India's fifth-best-selling two-wheeler brand. The company increased its sales by 44 per cent year-over-year (YoY) in March 2023, with 73,069 units sold. It sold 50,734 units during the same time period in the previous year. Additionally, it sold 52,455 units in February 2023, registering a month-over-month (MoM) growth of 39.2 per cent in sales.